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Stock Market & Financial Investment News

News Breaks
December 26, 2012
08:09 EDTSABASaba Software granted request for continued Nasdaq listing
Saba announced that it received from the NASDAQ Hearings Panel a decision granting Saba’s request for continued listing on The NASDAQ Stock Market until April 4, 2013. It is a condition to the company’s continued listing that the company regain compliance with all applicable requirements for continued listing on The NASDAQ Stock Market on or prior to April 4, 2013, including completion of the previously announced restatement of its historical financial statements and filing with the SEC of all outstanding annual and periodic reports. The company expects that it will be able to satisfy the April 4, 2013 NASDAQ deadline. The company also announced that it has entered into a letter agreement with Wells Fargo pursuant to which Wells Fargo extended to January 31, 2013 the time for the company to comply with certain terms of the Credit Agreement between parties dated as of June 27, 2011, primarily relating to the delayed SEC filings and the pending restatement of the company's prior financial results.
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September 24, 2014
12:30 EDTSABASaba confirms SEC settlement, secures $15M in debt financing
Saba confirmed that it reached a settlement with the SEC regarding the previously disclosed SEC investigation. Under the terms of the settlement, the company has consented to the terms of the SEC's order without admitting or denying the SEC's findings. Saba agreed to pay a civil penalty of $1.75M. The company also announced that it has amended its existing credit facilities with Wells Fargo Bank, National Association and an affiliate controlled by Vector Capital to revise certain financial covenants and to obtain additional borrowings in the principal amount of $15M under the Vector facility. In addition, the amended facilities accommodate an additional $5M increase in the principal amount of debt, which the company is currently considering. The additional funds will support general working capital needs as well as growth initiatives.
11:55 EDTSABASaba Software pays $1.75M to settle SEC accounting fraud charges
The SEC said it charged Saba Software and two former executives with an accounting fraud that included falsified timesheets to hit quarterly financial targets. The agency said its investigation found vice presidents Patrick Farrell and Sajeev Menon were "atop a scheme at Saba Software in which managers based in the U.S. directed consultants in India to either falsely record time that they had not yet worked, or purposely fail to record hours worked during certain pay periods to conceal budget overruns from management and finance divisions." The improper time-reporting practices enabled Saba Software to achieve its quarterly revenue and margin targets, the SEC noted. Saba Software agreed to pay $1.75M to settle the SEC’s charges, and Farrell and Menon agreed to settle the case as well. In a separate order instituted today, the SEC required Saba Software’s CEO Babak Yazdani to reimburse the company $2.5M in bonuses and stock profits that he received while the accounting fraud was occurring, even though he was not charged with misconduct. Farrell and Menon each consented to the entry of an order finding that they violated the anti-fraud provisions and caused Saba Software’s violations. The order also finds that they falsified books and records and circumvented the company’s internal controls. Farrell agreed to pay disgorgement and prejudgment interest of $35,017 and a penalty of $50,000, and Menon agreed to pay disgorgement and prejudgment interest of $19,621 and a penalty of $50,000.
September 23, 2014
06:52 EDTSABASaba Software to host business news update conference call
Conference call to provide 1Q15 business update and to discuss status of restatement of certain historical financial results will be held on September 30 at 5 pm. Webcast Link
September 22, 2014
10:15 EDTSABAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays... Aetna (AET) downgraded to Neutral from Buy at BofA/Merrill... Auxilium (AUXL) downgraded to Hold from Buy at Stifel... CARBO Ceramics (CRR) downgraded to Neutral from Buy at Sterne Agee... Commerzbank (CRZBY) downgraded to Underperform from Neutral at Exane BNP Paribas... Concur (CNQR) downgraded to Neutral from Buy at Nomura... Dresser-Rand (DRC) downgraded to Neutral from Accumulate at Global Hunter... Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley... General Communications (GNCMA) downgraded to Hold from Buy at Drexel Hamilton... InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo... Lindsay Corp. (LNN) downgraded at Sterne Agee... Melco Crown (MPEL) downgraded to Market Perform from Outperform at Wells Fargo... Outerwall (OUTR) downgraded to Sell from Neutral at B. Riley... PSEG (PEG) downgraded to Hold from Buy at Jefferies... Realogy (RLGY) downgraded to Underperform from Neutral at Credit Suisse... Regal-Beloit (RBC) downgraded to Accumulate from Buy at Global Hunter... SABMiller (SBMRY) downgraded to Market Perform from Outperform at Bernstein... Saba Software (SABA) downgraded to Neutral from Buy at B. Riley... Suburban Propane (SPH) downgraded to Market Perform from Outperform at Wells Fargo... Swiss Re (SSREY) downgraded to Underperform from Neutral at Exane BNP Paribas... Towers Watson (TW) downgraded to Buy from Conviction Buy at Goldman... Valmont (VMI) downgraded at Sterne Agee... Walgreen (WAG) downgraded to Equal Weight from Overweight at Barclays... Watts Water (WTS) downgraded to Neutral from Buy at Janney Capital... Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo... Yahoo (YHOO) downgraded to Neutral from Buy at BofA/Merrill.
05:44 EDTSABASaba Software downgraded to Neutral from Buy at B. Riley
B. Riley downgraded Saba Software to Neutral citing valuation with shares above its $14 price target. The firm still believes an acquisition of Saba "is the likely endgame."

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